Pricing Your Home

Starting with the Right Price...

In a healthy housing market, you are competing directly with other sellers, especially those with similar home amenities. Brass Key will work with you to establish a selling price that makes you happy and also appeals to potential buyers.

Ultimately, there are only two things that will determine the selling value of your home: 1) The physical qualities of your property and 2) the market conditions of your neighborhood. Analyzing these key factors will assure that we are able to sell your property at the best price, quickly and with minimum hassle.

According to the National Association of Realtors 77% of homeowners overestimate the value of their home. There’s a real risk in listing your home too high:

When you first hit the market you have the “wow” factor of being a new listing and you’ll attract the largest group of homebuyers. Once those homebuyers have had a look and written you off as overpriced you’re not likely to every get them back, even if you drop the price.

Once you drop the price, your home will be “old news.” Buyers will question why it has been on the market so long and you can expect lowball offers even though you’ve already made a substantial price drop.

Even if you do successfully sell at an above market price, your buyer will need a mortgage. The lender requires an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the house won’t appraise. You deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen. Your house could go "back on the market."

If your home is vacant, every day on the market costs you money in interest, taxes, insurance, etc. that you’ll never recoup.

Many homebuyers make the mistake of thinking they need to price high and “if someone likes the house they can make me an offer.” Unfortunately most buyers won’t take the time to make an offer. If your home doesn’t show well or is perceived to be overpriced the buyer will just move on. Buyer’s make offers on homes that appear price well and show well. On average our listings sell for 98% of asking price so you don’t need a lot of extra markup.

We’re low pressure, and will always list your home at a price that is agreeable to you, but watch out for agents that “buy” your listing by promising you a higher value. Some agents will overestimate the value of your home, knowing that once you are listed with them they can always ask for a price drop later. Remember, ultimately the market, not your agent, determines your home value. Hire an agent that you trust and you’ll be better off! Don’t make the mistake of hiring an agent that is good at selling themselves to you, but lousy at selling your home.